9th Feb 2018 low and 26th Feb high – Second leg, viewed as a temporary interruption and as Minor X (red), containing a Leading Diagonal in Minute A (blue) and an Ending Diagonal in Minute C (blue).

26th Feb high until present day – Corrective Pattern presents a conflict of degrees and the attempt to correct previous Corrective Structure, hence the reason for the very possible Running Contracting Triangle scenario.

WTI – Running Contracting Triangle Analysis:

Minute A (red) unfolded with a 5 Swings Sequence, which could indicate that the short-term down-trend could not be over.

Should this scenario be the correct one, Minuette (e) (pink) would complete at or slightly beyond the upper contracting trend-line, not higher than the start of Minuette (a) (pink).

*Other Technical Patterns: possible Head & Shoulders Formation.

WTI – Levels in Focus:

Bearish Scenario:

62.00 with Invalidation @ 63.50

Projected Levels – 60.00 / 58.00 / 55.50

Bullish Scenario:

55.50 with Invalidation @ 53.00

Projected Levels – 58.00 / 60.00 / 63.00 / 65.00 / 67.00 / 69.00

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